- Multiple datasets showed that investors were accumulating BTC as the price fell
- BTC miners’ earnings remained high, as did the hashrate
Altcoins have had a rough time lately From Bitcoin [BTC] price remained relatively stable. The data from Glassnode and Santiment showed that investors had a lot of confidence in BTC, which was reflected in their accumulation trend. Should we expect the price of BTC to follow that of altcoins in the coming week, or will BTC change the market trend?
Read From Bitcoin [BTC] Price prediction 2023-24
Bitcoin holders are patient
Glassnode’s tweet revealed that the percentage of long-term BTC holders’ supply sent to exchanges remains extremely low at 0.004%. According to the same, this highlights the cohort’s inactivity amid heightened market distress, remaining indifferent to Binance and Coinbase’s regulatory changes.
The percentage of #Bitcoin Supply from long-term holders sent to exchanges remains extremely quiet at 0.004%.
This highlights the cohort’s deep inactivity amid heightened market concerns, which remain indifferent to the #Binance And #Coinbase regulatory charges. pic.twitter.com/yWfdQHu4Ca
— glassnode (@glassnode) June 11, 2023
In addition, BTC whales have also shown tremendous faith in the king of cryptos. Santiment’s chart pointed to a bullish divergence in BTC’s accumulation chart. Investors continued to expand their holdings while BTCthe price took a beating.
Whale activity has also increased daily. To be precise, whales add more than 1,000 BTCs to their wallets every day.
🐳 If #altcoin madness is the result, there is quietly one #bullish difference between #Bitcoin‘s accumulating whales and falling price. With whale holdings going up by ~1K $BTC per day as prices fall, there is reason to believe that a strong rebound could take place. https://t.co/Ol0cK5VhPE pic.twitter.com/FeHPqqJx7o
— Santiment (@santimentfeed) June 11, 2023
Is this increase in accumulation an aftermath of the altcoin market crash, or does it indicate that BTC is setting up its next bull rally?
A thriving mining industry
Amid this chaos, the BTC mining industry has continued to grow.
For example, according to YChart’s facts, BTC hashrate hovered near its all-time high, which it reached on May 1, 2023. At the time of writing, the figure for the same stood at 415.14 million TH/s. Another nice piece of news BTC‘s mining is that miners’ incomes have remained relatively high.
Source: Glassnode
BTC to Cross $26,000 Soon?
At the time of writing, the King Coin was down more than 3% over the past seven days and was trading at $25,805.83. A few of the statistics gave credence to the possibility of BTC’s price bouncing back.
Such has been the exchange reserve of the currency decreasing, suggesting it is not under selling pressure. Bitcoin’s aSORP was also green, typically indicating a market bottom. However, Bitcoin’s buy/sell ratio was red, demonstrating the dominance of sell sentiment in the derivatives market.
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A closer look at the Bitcoin derivatives market
From Mint glass, BTC’s outstanding interest fell slightly in recent days, suggesting that the current price trend could change. However, if BTCThe long/short ratio has to be taken into account, it didn’t look good.
In fact, the statistic registered a decline, which generally means that bearish sentiment is dominant.
Source: Coinglass